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Friday, October 30, 2026

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TSOH Weekly Roundup (10/30/2026)

Markel spent $315 million repurchasing shares in Q3 as Thrive agreed to buy ADT for $7.6 billion and Hasbro cited rising adult toy demand.

BBW $327M
TSOH Investment Research 1 click

From X

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TOYO Co., Ltd’s $TOYO strategy chief says full output at its Texas panel plant would bring in “about $140 million a year” of U.S. tax credits, 85.6% of its market cap, and $TOYO leaves them out of its forecasts. Regardless of how the four U.S. trade actions on its Ethiopian cells turn out, $TOYO’s answer is to make more in the U.S., which has plenty of panel capacity but few cell plants. The Solar Energy Industries Association’s October update counts 75.3 GW of operating U.S. module capacity, but $TOYO’s deck counts just 3.2 GW of operating U.S. cell capacity, citing SEIA’s September data, so most U.S. panel makers still rely on imported cells. Texas modules qualify for the Section 45X production credit, a U.S. tax credit earned on each unit of solar equipment made in the U.S. For modules, it’s $0.07/W at full value through 2029, then 75%, 50%, and 25% of full value in 2030-2032, and nothing after. $TOYO said on July 21 that its Texas subsidiary expects to be eligible to claim the credits for its 2025 tax year, which covers the plant’s first months of production. But Rhone Resch, $TOYO’s Chief Strategy Officer, said on the Q2 call that $TOYO will quantify the credits only after its tax, legal, and accounting work is done. For the panels themselves, $TOYO announced $185.6M of purchase orders under two master agreements with U.S. developers on June 10, and ~$240M of binding contracts signed “since mid-June” on September 28, with deliveries through H1 2027. The releases don’t say whether the two overlap, so to stay conservative, I only count the ~$240M. If priced like $TOYO’s H1 2026 module sales (~$0.25/W), ~$240M would be ~1 GW of panels, or ~6 months of the Texas plant’s 2 GW nameplate.

Investor Letters

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Unicycive (UNCY):

Unicycive’s oxylanthanum carbonate NDA earned a March 25, 2027 PDUFA date after two manufacturing-related rejections, with no FDA clinical…

UNCY $104M
Triple S Special Situations Investing 4 clicks

Late August 2026 Random Ramblings

Higher rates could compress equity multiples and raise AI data center lease costs, while UWMC and Cogent raise questions about CEO-driven…

CCOI $397M
Yet Another Value Podcast 13 clicks

The Verra Sneerer (NASDAQ:VRRM)

Verra Mobility renewed Hertz tolling management for five years. AutoKinex lets rental customers buy tolling, fuel and protection products…

VRRM $505M
The Oak Bloke 6 clicks

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